Charging Order? The myth

eggbox · 6 October 2016 at 12:27PM

Eliaskash

We do now have a Solicitor who understands that a Form K Restriction poses no obligation to pay the debt. If you need his details please pm me.

Eliaskash · 6 October 2016 at 1:09PM

Eggbox,

I will see what my lawyers have to say first as after some emails the case has been passed on to the senior lawyers to check that what I am saying is correct.I have sent them all the details and also the link to this forum.

If no dice then I will request details .

I do not even think the people selling us the house know about this .I would tell them but they do not really communicate with me and I have a suspicion the suggestion will also meet with resistance from their lawyer.

The more lawyers we get on board the better for the good of all people who need this help.

kind regards

eggbox · 7 October 2016 at 9:26AM

Hi Eliaskash

It would be interesting to know your Solicitors response after taking on board the info you have sent them?

Yes it would be nice to have more Solicitors who understand the limitations of a Form K Restriction, however; whilst we do have one willing to help I'm not sure I'd put to much effort into converting those who seem to want to ignore those limitations?

Eliaskash · 7 October 2016 at 5:18PM

Hi Eggbox,

I agree with your point but as I have paid for their services I will give them some time before I assess the situation again.

I will update when I have a response .

gchads · 10 October 2016 at 4:17PM

eggbox wrote: »

gchads

Mortgage lenders will, unfortunately, only lend if they have the first charge on the mortgage due to the Power of Sale required in the event of you defaulting on the loan.

So any new lender would, therefore, require the Restriction you have to be removed prior to lending to enable being the first (by date) registration on the deeds?

The Land Registry records aren't always updated of an FCO happening so your creditor could may have an FCO. But with jointly owned property there is little difference in the effect an FCO has over an ICO?

Hi Eggbox,
Thanks for the reply. I need to remortgage and the Creditor with ICO wants the full amount . I've tried to come to a F&F but there not budging. Half the amount I owe is down to interest and charges and these blood suckers don't care. Seems like I'm gonna have to pay them off unless you know any way else. I was under the impression. Pre 2012 debt they could t obtain a FCO on a property that was held jointly.

Thanks

gchads

eggbox · 10 October 2016 at 4:28PM

Gchads

The only advice I can give (if you don't want to sell) is to look for a secured loan?

The criteria for being the first chargee is not essential for those types of loans.

Not sure whether that helps or not?

gchads · 11 October 2016 at 7:32PM

Hi Eggbox,
Thanks for trying. What's your thoughts on filling out a SEV ( severance of joint ownership) go for tenancy in common and transfer bulk of equity to wife? And keep 1% myself. So when the remortgage goes through they can keep 1% of equitable share? Any chance you could send me the solicitors details please?

Thanks

gchads

eggbox · 12 October 2016 at 11:52AM

gchads

Unfortunately, you became tenants in common when the CO was granted. This is because you can't "charge" only one half of a "joint" tenancy arrangements.

So in the eyes of the Law you and your partner own 50% each of the equity in the property (under a joint tenancy you both own 100%)

So transferring wouldn't make any difference as the CO would take preference by virtue of the date registered on the deeds on your "share".

But I have sent a pm regarding the Solicitor.

DAKOTA45 · 13 October 2016 at 7:02AM

gchads wrote: »

Hi Eggbox,
Thanks for the reply. I need to remortgage and the Creditor with ICO wants the full amount . I've tried to come to a F&F but there not budging. Half the amount I owe is down to interest and charges and these blood suckers don't care. Seems like I'm gonna have to pay them off unless you know any way else. I was under the impression. Pre 2012 debt they could t obtain a FCO on a property that was held jointly.

Thanks

gchads

What about a Bridging Loan? D45

stayhappy · 13 October 2016 at 3:49PM

I posted recently asking for help with an ICO. I defended the interim order as advised although I did not expect to stop it. I sent the defence to the court and the claimants soliciters.
I had a letter from the soliciter answering my defence. The letter 'appeared' reasonable and also said they had not been advised to get an order for sale just to secure the debt with the charging order.
I heard nothing else and was expecting a court date, However all we received was a letter from the court confirming the hearing had taken place and the order made final.
The letter says
The final charging order continues as modified.
The interest of the judgement debtor in the asset (home) stand charged with the payment of the sum of £xxxx. the amount now owing under a judgement or order given Jan 2015 by CCBC. together with any further interest becoming due and £243 costs of application.
The costs are to be added to the judgement debt.
Does this mean we carry on the monthly payments as per original CCJ?
Also we were going to attend a hearing to make sure no further interest would be added unlawfully, so I am concerned about the bit saying any further interest etc.
Any thoughts thankyou.

Charging Order? The myth

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